Standing Ovation is a leading Swiss service provider for events, congresses and shared communication. Standing Ovation develops, designs and realizes events and live campaigns for brands, companies and institutions. It operates internationally and offers all strategic, creative and administrative services from a single source.
On June 13th, Standing Ovation announced that XRP could now be used as a payment method. According to the announcement Standing Ovation believes that:
Blockchain technology will fundamentally change processes and value creation chains. Which means it will also change our everyday lives – professional and private. Those who miss the boat will end up regretting it. The security aspects and benefits offered by this innovative new transaction technology are already being exploited by all sorts of industries.
Crypto-technology is evolving at a dramatic pace. Peer-to-peer transactions and decentralized marketplaces will soon become commonplace. Even as things stand, there are more than 2,000 crypto-currencies in existence. That said, many of these are not truly viable creations from a market perspective. Only a very few digital assets are also suitable for use as transaction currencies.
On why choosing XRP, Standing Ovation explained that:
XRP is one of the most commonly traded digital assets worldwide. More than 250 fiat currencies are already paired with XRP and trade on more than 400 markets. But XRP is more than just a digital currency. Because its creator Ripple, a fintech company based in California, has built up an extremely rapid transaction network known as RippleNet.
Although claiming that XRP is paired to 250 fiat currencies is a stretch, XRP has been becoming increasingly available in more countries and in more fiat currencies the past year. To date, we are aware of 47 currencies that XRP is paired with. Moreover, XRP was not created by Ripple since the creation of XRP predates the creation of Ripple Labs.
Another reason Standing Ovation chose XRP is the Ripplenet:
RippleNet brings particular efficiency to something that Bitcoin makes rather laborious, namely executing transactions. Whereas Bitcoin is a peer-to-peer network, XRP acts as a bridging currency between the traditional (i.e. originally gold-backed) fiat currencies. In addition to the more than 200 financial institutions already actively using RippleNet, dozens of other companies are currently in pilot phases or on the verge of going live.
Distributed Ledger Technology (DLT) and RippleNet are even viewed by the IMF as the future of financial transactions. The adoption of RippleNet – and therefore the use of XRP as a digital asset – is proceeding at a rapid tempo worldwide.
Standing Ovation’s acceptance of XRP is much more than embracing a new payment method. It represents its entry into the blockchain economy.